Attack on McDonald's
Heralds a New Order

The remarkable thing about hedge-fund manager William Ackman's campaign against McDonald's Corp. is that it is even happening.

McDonald's, after all, is one of the great global business success stories of the 20th century. Started 50 years ago, the company now serves nearly 50 million customers a day in more than 30,000 stores in 118 countries. It pioneered the fast-food franchise game, introducing compelling products at low prices with consistent quality. (My personal favorite: the Egg McMuffin, circa 1975.) The company's...